The Square Foot

Ivanhoe Cambridge Group, one of the world's 10 largest real estate companies, has sold the interest held by its office properties division (SITQ) in the office building located at 1515 Broadway, in New York, to its partner SL Green. At the time of the transaction, the property was valued at US$ 1.2 billion.

"This transaction is squarely in line with Ivanhoe Cambridge Group's business plan, which is to capitalize fully on developments in the real estate industry and take advantage of cycles in various markets where the Group holds assets," said Daniel Fournier, Chairman and Chief Executive Officer of Ivanhoe Cambridge Group. "The sale of our interest in 1515 Broadway will enable us to position the Group to seize opportunities that arise over the short and medium term and make the best decisions for our shareholders."

"We are very happy about the gains realized through the sale of this property, given the positive market conditions in New York right now. This transaction is consistent with our business model and frees up additional funds to carry out major transactions. New York is an important market for SITQ, and we hope to make more investments there in the coming years," said William R.C. Tresham, President and Chief Executive Office of SITQ.

1515 Broadway is a 1.75-million-square-foot (162,575 m2), 54-storey building located in the heart of Times Square. Key tenants include Viacom International, Aéropostale, Oakley, MTV Studios and Billabong. Prior to the sale, SITQ owned a 45% stake in the property, which it had acquired in 2002